Life Storage, Inc. (NYSE:LSI) – Analysts at Jefferies Group upped their FY2017 earnings estimates for shares of Life Storage in a report issued on Monday. Jefferies Group analyst G. Hoglund now expects that the real estate investment trust will post earnings per share of $5.23 for the year, up from their previous forecast of $5.20. Jefferies Group has a “Hold” rating and a $72.00 price objective on the stock. Jefferies Group also issued estimates for Life Storage’s FY2018 earnings at $5.49 EPS.
Several other analysts have also recently issued reports on LSI. Bank of America Corporation reduced their price objective on Life Storage from $82.00 to $76.00 and set a “neutral” rating on the stock in a research note on Thursday, July 20th. Wells Fargo & Company restated a “market perform” rating and issued a $78.00 price target (down from $85.00) on shares of Life Storage in a research note on Saturday, July 22nd. UBS AG restated a “neutral” rating and issued a $75.00 price target (down from $80.00) on shares of Life Storage in a research note on Thursday, August 3rd. Evercore ISI cut Life Storage from an “in-line” rating to an “underperform” rating and cut their price target for the company from $77.00 to $71.00 in a research note on Monday, August 7th. Finally, Citigroup Inc. restated a “buy” rating and issued a $85.00 price target (down from $98.00) on shares of Life Storage in a research note on Thursday, August 10th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the stock. Life Storage presently has a consensus rating of “Hold” and a consensus target price of $77.91.
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Shares of Life Storage (NYSE LSI) traded down 0.44% on Wednesday, reaching $81.23. The company had a trading volume of 21,855 shares. The firm’s 50 day moving average is $80.24 and its 200 day moving average is $77.04. Life Storage has a 12 month low of $69.00 and a 12 month high of $89.24. The firm has a market capitalization of $3.77 billion, a PE ratio of 71.07 and a beta of 0.59.
Life Storage (NYSE:LSI) last announced its earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.35 by ($0.02). Life Storage had a return on equity of 2.56% and a net margin of 10.28%. The business had revenue of $132.78 million for the quarter, compared to analysts’ expectations of $132.62 million. During the same quarter last year, the firm earned $1.32 earnings per share. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year.
Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. grew its holdings in shares of Life Storage by 9.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,414 shares of the real estate investment trust’s stock worth $116,000 after purchasing an additional 124 shares during the last quarter. Perigon Wealth Management LLC purchased a new position in shares of Life Storage during the first quarter worth about $193,000. Advisor Group Inc. grew its holdings in shares of Life Storage by 14.9% during the second quarter. Advisor Group Inc. now owns 2,986 shares of the real estate investment trust’s stock worth $221,000 after purchasing an additional 387 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in shares of Life Storage during the second quarter worth about $222,000. Finally, Paragon Capital Management Ltd purchased a new position in shares of Life Storage during the second quarter worth about $232,000. 99.50% of the stock is currently owned by institutional investors.
In other news, Director Arthur L. Havener, Jr. acquired 990 shares of the company’s stock in a transaction on Monday, August 21st. The shares were bought at an average price of $73.20 per share, with a total value of $72,468.00. Following the completion of the acquisition, the director now owns 7,413 shares in the company, valued at approximately $542,631.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew J. Gregoire acquired 1,500 shares of the company’s stock in a transaction on Monday, August 21st. The shares were purchased at an average cost of $71.65 per share, for a total transaction of $107,475.00. Following the acquisition, the chief financial officer now owns 48,173 shares of the company’s stock, valued at approximately $3,451,595.45. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 3,190 shares of company stock worth $230,042. Corporate insiders own 1.90% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 26th. Shareholders of record on Friday, October 13th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 4.90%. The ex-dividend date of this dividend is Thursday, October 12th. Life Storage’s payout ratio is 347.83%.
Life Storage declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 2nd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
Life Storage Company Profile
Life Storage, Inc, formerly Sovran Self Storage, Inc, is a self-administered and self-managed real estate company. The Company acquires, owns and manages self-storage properties. The Company owns its assets and conducts its operations through Life Storage LP (the Operating Partnership) and subsidiaries of the Operating Partnership.
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